平安银行1-6 月归母净利润、营业收入、PPOP 分别同比-3.9%、-10.0%、-10.3%，增速较1-3 月 +1.7pct、+3.0pct、+2.6pct。公司宣告中期每10 股派发现金股利人民币2.36 元（含税），派息金额占归 属于普通股股东净利润的20.05%，对应年化后股息率3.91%（2025/8/22）。公司资产结构调整效果显 现，业绩增速边际回稳，负债成本优化，零售贷款资产质量改善。 鉴于公司转型战略纵深推进，我们认为公司经营有望改善，维持买入评级。 规模持续增长，负债成本优化 1-6 月非息收入同比-11.3%，增速较1-3 月+8.5pct。25H1 中间业务收入同比-2.0%，增速较1-3 月 +6.2pct。25H1 财富管理手续费收入24.66 亿元，同比增长12.8%，其中25H1 实现代理个人保险收入6.66 亿元，同比增长46.1%，代理理财/代理基金分别同比+16.3%/+4.7%，6 月末管理零售客户资产4.2 万亿 元，较上年末增长0.4%。25H1 其他非息收入同比-19.3%，增速较1-3 月+13.4pct，其他非息降幅边际收 窄，其中投资收益/公允价值变动损 ...

（原标题：平安银行零售金融业务进一步承压 净利润占比降至4%） 8月22日，平安银行（000001.sz）交出了一份承压的半年度业绩报告。2025年上半年，平安银行实现营 业收入693.85亿元，同比下降10.0%；实现归属于本行股东的净利润248.70亿元，同比下滑3.9%。净息 差收窄至1.80%，较去年同期下降16个基点。与此同时，资产质量保持稳定，不良贷款率较上年末微降 0.01个百分点至1.05%，拨备覆盖率维持在238.48%的稳健水平。 在这份整体表现平淡的财报中，尤为引人关注的莫过于其战略核心——零售金融业务的表现。该业务板 块营业收入为310.81亿元，在集团总营收中占比降至44.8%。更关键的是，其贡献的净利润仅为10.02亿 元，在集团总净利润中的占比从去年同期的7.0%大幅下滑至惊人的4.0%。 这一数据深刻揭示了平安银行零售转型正面临的严峻挑战。在净息差收窄、风险成本高企的双重压力 下，零售业务虽然通过主动调整资产结构控制了风险，但其盈利能力和对集团的利润贡献度正经历前所 未有的考验。零售业务的深度调整，已成为观察平安银行本轮战略转型成效的关键窗口。 收入利润贡献率骤降 零售业务步入 ...

Core Viewpoint - The retail banking sector, once a significant profit driver, is now facing challenges, with a notable decline in profitability and a shift in strategic focus towards digital transformation and diversified revenue sources [1][4][23]. Retail Business Performance - In 2024, the pre-tax profit from retail financial services for China Merchants Bank (CMB) was 87.99 billion yuan, a year-on-year decrease of 9.56%, leading to a drop in retail profit contribution to 50.74% [4][7]. - Wealth management fees and commissions fell by 25.24% to 20.19 billion yuan, while credit card fees decreased by 14.23% [4]. - The non-performing loan (NPL) ratio for retail loans rose to 0.96%, an increase of 0.07 percentage points from the previous year [4][5]. Interest Margin and Loan Performance - The net interest margin (NIM) fell below 2% to 1.98% in 2024, further declining to 1.91% in Q1 2025, although still above the industry average of 1.43% [7][8]. - Retail loan growth was 6.06%, with a total balance of 3.58 trillion yuan, but this growth rate lagged behind the 11.58% growth in corporate loans [10][12]. Strategic Shift in Retail Banking - The retail banking sector is transitioning from a profit-centric model to a foundational asset configuration aimed at supporting inclusive finance and stimulating consumption [11][12]. - CMB is focusing on optimizing risk management and prioritizing low-risk customer segments while acknowledging the need for a strategic shift in retail banking [12][13]. New Growth Engines - CMB is exploring new avenues for growth, with its wealth management assets under management (AUM) reaching 14.93 trillion yuan, a 12.05% increase, and a significant portion of AUM being non-deposit [16][19]. - The bank's strategy includes international expansion, diversified operations, differentiated competition, and digital transformation, with a notable increase in bond investment returns by 34.74% to 29.88 billion yuan [17][18]. Market Confidence and Future Outlook - Long-term investments from entities like Ping An Life reflect market confidence in CMB's transformation strategy [18][22]. - CMB is not abandoning retail but is reconstructing its value chain, emphasizing customer base as a core asset, with over 210 million retail customers in 2024 [19][20].

一、营收继续下降，净利润略有回升 2024 年末，光大银行总资产为 6.96 万亿元 ，同比增长 2.75% 。当年实现营业收入 1354.15 亿元 ， 同比下降 7.05% ，营业收入连续 3 年下降。 2024 年实现归母净利润 416.96 亿元 ，同比增长 2.22% ， 在 2023 年净利润下降后 2024 年实现回正，盈利能力有所巩固。 二、规模扩张不及利率下降，营业收入连年负增长 在总资产规模增长且贷款总额也增长（ 2024 年末光大银行贷款总额 3.93 万亿元 ，同比增长 3.88% ）的背景下，光大银行营业收入还连年下降。究其原因一方面是 净息差下降较快 ， 2024 年光大银行净 息差为 1.54% ，较 2023 年下降 20 个 BP ；另一方面手续费及佣金净收入也持续下降。 2024 年光大银行规模扩张带来的利息净收入增加 57.79 亿元，但利率下降带来的 利息净收入下降 了 165.93 亿元 ，规模扩张的增长效应远抵不住利率下降的负面影响，最终导致利息净收入下降 108.14 亿元，同比降低 10.06% 。 2024 年光大银行零售金融业务营业收入为 550.96 亿元 ...